Coinbase launches Coinbase Card, a cryptocurrency Visa debit card in the U.S.

By Pavithra R

California based Coinbase, provider of a digital currency wallet and platform has announced the launch of its cryptocurrency Visa debit card in the United States that allows crypto to be used for payments and purchases online and in-store as well as for ATM cash withdrawals.

The introduction of Coinbase Card marks a significant milestone in the company’s effort to create mainstream adoption of crypto as a genuine utility. The firm has also announced the introduction of new opportunities for customers to earn up to 4% back in crypto rewards. Using the Visa debit card, cardholders can:

• Spend crypto anywhere Visa debit cards are accepted: Coinbase Cardholders can spend directly from their Coinbase accounts without having to move funds to their bank accounts. Cryptocurrency is converted to U.S. dollars prior to completing purchases and ATM withdrawals.
• Earn up to 4% back in crypto rewards: Earn rewards using cryptocurrency through daily spending. At launch, customers can opt to earn 4% back in Stellar Lumens (XLM) or 1% back in Bitcoin (BTC).
• Spend and rewards preferences management directly through the Coinbase app. Customers can opt to spend stablecoins like USD Coin or other specific cryptocurrencies through the touch of a button.
• Eligible customers can apply via the Coinbase app or on the web. Once customers are approved, they can start spending with a virtual card instantly and will receive a physical card in the mail within 2 weeks.

The Coinbase Card is powered by Marqeta and issued by MetaBank, Member FDIC, pursuant to a license from Visa U.S.A. There is no issuance fee for the card; however, cryptocurrency conversion fees may apply.

Founded in 2012, Coinbase’s mission is to create an open financial system for the world. It is a digital currency wallet and platform where merchants and consumers can transact new digital currencies like bitcoin, ethereum, and litecoin. Coinbase Card is now available to customers in nearly 30 countries, including the UK and across Europe. The rewards program will be initially available to customers in the US.